China’s Economic Growth and Development

﻿China’s Economic Growth and DevelopmentChina is presently the world’s largest economy in relation to its population of 1.3 billion. The country is currently a socialist economy ruled by a Communist Government, with significant structural changes impacting its economy as a result of the high rate of growth over the past decades. Its economy is in the transition phase, moving from being a centrally planned economy to a system based more on the market. A socialist or market economy can be defined as an economic system based on government ownership of key resources which are crucial to the economy, rather than the individual taking ownership. There are; however, exceptions to this, such as permitting the partial use of markets to exchange dispensable commodities, such as farm products and retail goods. It is hypothesised that China’s economic and social transformation - lead by sustained economic growth – has significantly impacted upon the distribution of wealth and income in China by means of an improved standard of living. This is evident in China’s Human Development Index (HDI), and can be supported by statistics from during this period, data dating from 1978 onwards relating to China’s steady climb, as well as evidence from the Great Leap Forward. China’s economic growth continues today, through the continual developmental process leading to a market based economy, and data from the previous decades serves as a stable economic indicator. The Human Development Index (HDI) is a tool which measures and ranks countries’ level of social and economic development, and places China as the 101st country out of the 187 countries and territories in the HDI (United Nations Development Programme, 2013). The rankings are based on four main criteria: life expectancy at birth, average schooling years, expected years of schooling, and gross national income (GNI) per capita. The HDI makes it possible to compare development levels in various countries, as well as monitor the changes in development over time. Between 1960 and 1978 (before the Chinese government introduced several economic reforms) the mean real GDP growth rate was approximately 5.3% (Sedghi, A 2012). This rose in 1980 to 7.9% annual real GDP growth, along with the commencement of economic change (refer to appendices 1). Between 1980 and 2012, China’s HDI value amplified by 72% rising from 0.407 to 0.699, with an annual increase equivalent to approximately 1.7% (United Nations Development Programme, 2013). During this time frame, the Chinese life expectancy at birth rose by 6.7 years, the expected years of schooling rose from 8.4 to 11.7, the average number of schooling years increased by 3.8 years, and the GNI per capita rose from the equivalent of $524 AUD to $7,945 AUD (refer to appendices 2), providing relevant data to justify the country’s position in the HDI. This data demonstrates that through the sustained rates of economic growth over the past few decades, China’s living standards have improved significantly. These benefits of economic growth have extended to further advantages in China’s development such as increased urbanisation, with the number of cities rising from 193 to 668 between 1979 and 1997, and improved medical facilities, with 310,000 medical institutions registered by the end of 1998, in comparison to just 3,000 in 1949 (Embassy of the People’s Republic of China in the Republic of Iceland, 2012). Most significantly, the number of Chinese citizens below the poverty line dropped from 250 million in 1978 to 42 million in 1998 (Embassy of the People’s Republic of China in the Republic of Iceland, 2012), and declined further to account for 13.1% of the Chinese population in 2008 (refer to appendices 3), demonstrating a immense rise in the standard of living. China’s current HDI position demonstrates a direct link between the movement from the centrally based economy to a more market based one and the improvement of living standards. It may be difficult...

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Introduction
The country; one of the oldest civilizations in the world has created the history since the civilization has constructed. Since then, the country called “The people’s Republic of China” has grown and especially last three decades, the growth of China is outstanding.
In current time, the population of China (2010) reached more than 1.34 billion (National Bureau of Statistics of China, 2011). In addition, China’seconomicgrowth in last three decades is remarkably fast. The GDP growth rate in China from 1978 to 2005 is estimated at more than 9% a year (Hu &amp; Khan, 1997, Pg.1) while growth rate in US during same period is counted at nearly 3% (U.S. Census Bureau).
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...China’s Successful EconomicGrowth
China may share some economicgrowth patterns with Japan, Korea, and Taiwan due to cultural similarities, geographic location, similar economicdevelopment strategies, or, in the case of Japan, relatively large size of the domestic economy.
China’seconomicgrowth is expanding at a great pace, while other countries may be at a standstill. China has been the world's fastest-growing economy. One of the main stimuli twelve years ago was the release of Hong Kong to China from Great Britain. The second largest stimulus was the opening of free trade with other countries, in which China was originally a closed trade country. Foreign trade and investment have played a crucial role in the growth of the Chinese economy. Its foreign trade currently ranks 11th in the world economy. The third stimulus package was their drastic position in population control with their one child per family and improved methods to feed their population. There has been a trend from a command economy system towards a market economy system. The market-oriented reforms China has implemented over the past two decades have unleashed individual initiative and entrepreneurship.
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...﻿EconomicGrowthEconomicgrowth is the percentage increase in real national output in a given time period or the increase in the productive potential of the economy. Countries grwo at different rates, this is partly due to the fact that they are at different stages of their economic cycle. The economicgrowth for the UK is at 0.2%.
The main measure of output is gross domestic product (GDP). GDP is the total value of goods and services produced in an economy during one year. Economicgrowth can be be measured in nominal terms which include inflation, or real terms which are adjusted for inflation.
Aggregate supply is the total supply of goods and services that are produced in an economy at a given price level
DRAW GRAPGH (AS DIAGRAM)
Aggregate demand is the total output of goods and services produced in the economy ocer a period of time
AD = C+I+G+(X-M)
C referes to consumer spending on goods and services, it includes durable and non durable goods. I refers to investment spending, demand for goods and services by the firm. G refers to government spending on publicyly provided goods and services including public and merit goods. Transfer payments are not included. X refers to exports of goods and services which is spending from abroad on an economy’s goods and services. Exports are inflow of demand in the circular flow of income...

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Economicgrowth implies a change in the way goods and services are produced, not merely an increase in production achieved using the old methods of production on a wider scale. It also involves improvements in a variety of indicators such as literacy rates, life expectancy, and poverty rates. In addition to increasing private incomes, economicgrowth also generates additional resources that can be used to improve social services such as healthcare, safe drinking water etc.
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Alexandru Florea
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1
EconomicDevelopment and Growth of Romania
Alexandru Florea
Contents:
2
EconomicDevelopment and Growth of Romania
Alexandru Florea
A. Introduction
The purpose of the project is to analyze the economicdevelopment and growth of Romania
especially after communist period.
Economicdevelopment vs. EconomicGrowthEconomicdevelopment is the process of improving the standards of living and increasing the
level of welfare of the population. Usually is expressed by the per capita income.
Indicators of economicdevelopment:
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Labor productivity
Weighted Machine tool industry in total industry
Weighted Machine tool exports in total exports
Weighted Brain drain in total export
Weighted Employment in services
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In contemporary times, certain economic registers are used frequently. Arguably two of these most used terms in economics, ‘economicgrowth’ and ‘economicdevelopment’ are terms that just about everyone is at least remotely familiar with, even if they have not studied economics at all. Sometimes it seems everyone knows what economicgrowth and economicdevelopment is. Politicians use these terms all the time, and so do teachers, managers and even preachers. Often, people’s use of these terms may not be quite accurate, but one has to admit that most of the time they are never too far from the mark. Insights into the aforementioned terms ‘economicgrowth’ and ‘economicdevelopment’ are given as follows…
EconomicGrowthEconomicGrowth is an increase in a country's real level of national output which can be caused by an increase in the quality of resources by education etc, increase in the quantity of resources & improvements in technology. EconomicGrowth can also be described as an increase in a country's productive capacity, as measured by comparing gross national product (GNP) in a...

...report published by global aid and development charity, Oxfam
The question is: Is South Africa Operationg in a safe and just space?
It depends on the country’s ability to end social deprivation and manage environmental stress, enabling its people to live in a space where it is both safe and just.
the report says that an estimated 816.000 jobs could be created in the country by 2025 across the areas of natural resource management (biodiversity, water and land), electricity generation and pollution management.
At the moment South Africa has one of the highest official unemployment rates in the world (25%) and is one the most unequal countries, with in coefficient of 0.69.
Over half of south africans live below the national poverty line and more than 10% live in extreme poverty, on less than $1.25 (15.85) per day.
What is economicgrowth?
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...DO LARGE POPULATION A KEY TO ECONOMIC PROGRESS
Introduction:
Thomas Malthus in his published book “An Essay on the Principle of Population” claimed that there is a tendency for the population growth rate to surpass the production growth rate because population increases at a geometrical rate while production increases at an arithmetic rate. Thus, the unfettered population growth in a country could plunge it into acute poverty. However, the pessimist view has proven unfounded for developed economies in that they managed to achieve a high level of economicgrowth and thus, both population and the real gross domestic product (GDP) per capita were able to increase.
Population growth is seen from both negative as well as positive sides. One side, Population growth enlarges labour force and, therefore, increases economicgrowth. A large population also provides a large domestic market for the economy. Moreover, population growth encourages competition, which induces technological advancements and innovations. On the other side, a large population growth is not only associated with food problem but also imposes constraints on the development of savings, foreign exchange and human resources.
The issue of population and economicgrowth is also closely related to the...